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Thursday, May 30, 2024

Stagflation? LOL -- Recession? LOL -- Maybe, But It Sure Doesn't Look Like It Now -- May 30, 2024

Locator: 48002ECON.

From May 27, 2024:

Thought-provoking: prudence-signaling vs realism-acknowledging. I've spent much of Memorial Day weekend "studying" this. Very, very interesting. Many CNBC talking heads seem to be masters of "prudence-signaling."  

*************************
US Air Traffic

This is truly amazing. Truly amazing.

Link here.

 ***************

Kahoot!

Link here,

Online game.

Two Enerplus Wells In Phaelens Butte Of Interest -- May 30, 2024

Locator: 48001B.

These wells and neighboring wells are tracked here.

The wells:

  • 36989, drl/drl-->drl/TASC-->drl/A, Shad....25H, t5/22; cum 277K 3/24;
  • 36990, drl/drl-->loc/TASC-->F/A, Moray....25H-TF, t5/22; cum 237K 3/24;

Production data:

  • 36989, recent production:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN3-2024301321413197103331372813499212
BAKKEN2-2024284151414361873984396019
BAKKEN1-20242646554635713170703785224
BAKKEN12-2023294097412941635597307310
BAKKEN11-2023283063307345774722230614
BAKKEN10-202331257825895640363515932
BAKKEN9-2023109009281656117841313
BAKKEN8-2023674973673711787546
BAKKEN7-202331422842055119481329880

  • 36990, recent production:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN3-20243091909179139231291612696208
BAKKEN2-20242666956681120119359930546
BAKKEN1-20241223462336489429491749102
BAKKEN12-202331333233687015389018066
BAKKEN11-20233029832995104294666232414
BAKKEN10-2023312057206813980307714322
BAKKEN9-2023251682171010708213762719
BAKKEN8-2023132082204631444181272622
BAKKEN7-2023315359532967111035679700

It's Only Halftime, So Anything Can Change, Anything Can Happen, But It Looks Like The Dallas Mavericks Have Had Enough Of The Timberwolves -- May 30, 2024

Locator: 48000THEFATLADY.

In the western conference (NBA) playoff, total number of points separating winners from losers -- total number of points, all games = 18 points. 

Right now, at halftime, in game five, Dallas leads the series 3 - 1, the (halftime) score is 69 - 40. 

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A Pyrrhic Victory

If Trump were to win the presidency this fall, the case today will be the Pyrrhic victory of all Pyrrhic victories. 

34 counts decided in a couple of hours. I haven't followed the case at all, but wow, it  certainly has that feel of a "kangaroo court." 

I read today that Bill Ackman will support Trump. Need to fact check. And I did. Easy enough. 

Back to Trump. 

The "fat lady" (the jury) has sung. A month from now, the polls will clearly show what the audience heard.

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Weekly EIA Report

Link here.

  • a 4.2-million-bbl draw;
  • crude oil supplies 4% below five-year average;
  • refineries at a a very respectable 94.3% capacity
  • jet fuel supplied was up 1.9% compared to same period one year ago

*******************************
Investing

Link here to Barron's.

Industrial stocks have soared—but their run may only be getting started.
Yes, it’s been a good year for the group. The Industrial Select Sector exchange-traded fund—home to manufacturers such as Caterpillar and General Electric; transport companies Union Pacific, FedEx , and United Parcel Service ; airlines; and even Uber Technologies —has gained about 11% this year after dropping a bit this past week.
That outpaces the S&P 500’s roughly 8% rise.

Whether one clocks 11% or 8%, the important thing is to keep investing, keep reading, keep paying attention. 

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US Air Traffic

Link here.

ETSC, Hyperscalers, And The Utilities -- May 30, 2024

Locator: 47999ETSC.

I really don't care one way or the other about this utility story from an investing point of view. For me, this is just another example of folks not realizing (or maybe they do -- more on that later, perhaps) the "hugeness" of the "data center phenomenon." And it's all electricity. 

That's why I have a "locator tag" abbreviated ETSC -- "energy transition supercycle." For me, posted most recently May 16, 2024:

ETSC:

  • utilities
  • copper
  • tech that saves energy (better chips)

Again, if this doesn't get analysts' attention, I don't know what will -- these data centers are going to be drawing so much power, the "movers and shakers" are backing small modular nuclear reactors to power new data centers link there). North Dakota (MDU) is already facing the problem of adequate electricity supply.

So, from SeekingAlpha late today:

The S&P 500 Utilities group looks set to exit May by further solidifying its turnaround to become a top-performing sector this year, with gains sparked by investors seeking AI investment plays.

One day before May trade ends, all 10 of the largest holdings in the Utilities Select Sector SPDR ETF have logged advances for the month, led by a +20% surge in Constellation Energy. The S&P 500 Utilities index itself has gained ~6% this month alone and was up ~11% YTD. The sector was the worst performing on the S&P 500 earlier this year, extending that status from 2023. But it now stands as the top gainer so far in Q2, spurred by investors wanting exposure to companies supplying energy and services to run AI-related data centers that more businesses are using. Goldman Sachs this week said it’s still bullish on the S&P 500 Utilities sector. Bank of America in a recent update said utility funds experienced the largest weekly inflow since November 2022, with a $700M haul.

Here’s how the top 10 holdings in the ETF have fared in May through Thursday, May 30:
  • NextEra Energy - Up 16.75% Weight: 14.70%
  • Southern Co. - Up 6.2% Weight: 7.86%
  • Duke Energy - Up 3.1% Weight: 7.23%
  • Constellation Energy - Up 21% Weight: 6.59%
  • Sempra - Up 3.9% Weight: 4.35%
  • American Electric Power  - Up 2.5% Weight: 4.30%
  • Dominion Energy  - Up 4.9% Weight: 4.10%
  • PG&E  - Up 6.8% Weight: 3.61%
  • Public Service Enterprise - Up 7% Weight: 3.41%
  • Exelon - Up 2.3% Weight: 3.36%.

Re-Posting: Bloomberg's Take On COP Vs BP -- May 30, 2024

Locator: 47997B.

May 30, 2024: link here. 

ConocoPhillips’ $17 billion deal for Marathon Oil Corp. fits neatly into the trend of consolidation in US oil, but it also provides a lens to survey the shifting balance of power in the global industry.

Go back to the start of the century. The biggest Western oil company was, as it is today, Exxon, weighing in at a market value of about $200 billion. But Britain’s BP Plc, fattened by the 1998 takeover of Amoco, wasn’t far behind at more than $190 billion. Conoco, before its merger with Phillips, was worth just $11 billion.

After yesterday’s announcement, ConocoPhillips is heading for a market value of more than $150 billion, dwarfing BP’s current $103 billion capitalization.

BP’s travails — from the Macondo oil-spill catastrophe to a misfiring energy-transition strategy — are well-documented, and plenty has been written about the relative valuations of oil equities in the US and Europe. But it’s still instructive to dig a little deeper.

The big difference between the two companies is that while BP remains a fully integrated wellhead-to-gas-station oil major, ConocoPhillips got rid of refineries more than a decade ago.

For the past five years, the US firm has carefully honed its portfolio to break even at less than $40 a barrel, leaving ample headroom for buybacks and dividends.

BP and the combined Conoco-Marathon pump about the same amount of oil and gas. So investors are giving little or no credit for BP’s giant refining and marketing business, which sells fuel to millions of motorists daily, as well as a world-class trading operation.

One striking statistic: BP employs almost 90,000 people, Conoco and Marathon just 12,000.

What to make of the comparison? First, it’s a vivid illustration of the US premium — it’s little wonder Shell Plc boss Wael Sawan and TotalEnergies SE’s Patrick Pouyanne have floated the idea of a New York listing.

Second, it shows how far BP’s star has waned in the past quarter of a century. After shaping the modern oil industry from the US to Russia, the producer is now a laggard.

Once considered a supermajor, the company has been outstripped by a super-independent.
--Will Kennedy and Kevin Crowley, Bloomberg News

Activity In The Bakken -- May 30, 2024

Locator: 47996B.

The Enerplus "Fox" pad is tracked here.

The wells:

  • 20978, IA/634, Enerplus, Red Rocks 149-93-10AH, Mandaree, t12/11; cum 211K 7/23; off line;
  • 20499, IA/708, Enerplus, Fox Ridge 10-21H, Mandaree, t12/11; cum 248K 9/23; off line;
  • 20977, 776, Enerplus, Morrison 149-93-10AH, Mandaree, t12/11; cum 340K 1/24; recently came off line;

 

  • 37819, conf, Enerplus, Troop 149-93-10B-15H-LL, Mandaree, npd,
  • 37820, loc/PNC, Enerplus, Skulk 149-93-10B-15H, Mandaree, npd,
  • 37821, conf, Enerplus, Canidae149-93-10B-15H, Mandaree, npd,
  • 37822, conf, Enerplus, Fennec 149-93-10B-15H, Mandaree, npd,
  • 37823, conf, Enerplus, Sly 149-93-10B-15H, Mandaree, npd,
  • 37824, conf, Enerplus, Vulpes 149-93-10A-15H, Mandaree, npd,
  • 37825, conf, Enerplus, Kit 149-93-10A-15H, Mandaree,
DateOil RunsMCF Sold
3-20240250
  • 37826, conf, Enerplus, Renard 149-93-10A-15H, Mandaree, 

DateOil RunsMCF Sold
3-20240422
  • 37827, conf, Enerplus, Swift 149-93-10A-15H, Mandaree,
DateOil RunsMCF Sold
3-20240329

The maps:


 

Monthly Personal Electricity Statement -- May, 2024

Locator: 47995ELECTRICITY.

Electricity rates by state, April, 2024, link here

Electricity bill, north Texas. Household energy: only electricity, no natural gas. Utility says their electricity is 100% renewable. 

My rate runs about 15.6 cents per kWh, slightly higher than the "advertised" 14.25 cents, up slightly from 14.11 cents one year ago.

Halo Effect: MRO's Glenn Eckelberg Well Drilled Thirteen Years Ago -- Crosses Over 650K Bbls Crude Oil Cumulative -- May 30, 2024

Locator: 47994B.

The well:

  • 18384, 394, MRO, Glenn Eckelberg 24-8H, Bailey, t5/10; cum 497K 3/22; off line 3/22 - present; cum 654K 3/24; jump in production;
BAKKEN5-202331842683637041101839588498
BAKKEN4-2023309896987272471164611212350
BAKKEN3-202331925891616746102849410797
BAKKEN2-20232862816289727690928458570
BAKKEN1-202324827082541067790018544407
BAKKEN12-202224894890091338481587647343
BAKKEN11-2022271410414093218991206911224557
BAKKEN10-20223117872178573535115571141021233
BAKKEN9-20223015750157964533116188159337
BAKKEN8-2022271645116527619681117310846126
BAKKEN7-20227510048022611938353252337
BAKKEN6-20220000000
BAKKEN5-20220000000
BAKKEN4-202200110000
BAKKEN3-20222917932006109011470821
BAKKEN2-20222818481825117811660842
BAKKEN1-20223120652035127813040940
BAKKEN12-20213121062157126113320966
BAKKEN11-20213020441983136712920942
BAKKEN10-20213121252093139213400979
BAKKEN9-20213021452175151813480990
BAKKEN8-202131240323921658144401108
BAKKEN7-202131264927081768158501232
BAKKEN6-202130299329071903171601349

The MRO Buehner Wells In Bailey Oil Field -- May 30, 2024

Locator: 10010MROBUEHNER.

 Updates

May 30, 2024: maps and production data updated.

Original Post

I think I've discussed these wells in varying formats multiple times.

A reader provided much background information today. Link here.

The graphic

In this there are five singletons to the north of section 18-146-93; one singleton to the east, as well as another well on a multi-well pad, that are of interest:

  • 16993, 125, MRO, Buehner 44-12H, Bailey, t10/08; cum 261K 3/22; off line 5/22 - present; cum 276K 3/24;
  • 21993, 1,280, MRO, Milton Guenther 14-9H, Bailey, t3/12; cum 387K 3/22; off line 3/22 - present; cum 408K 3/24;
  • 16729, 348, MRO, Vihon 44-8H, Bailey, t11/07; cum 400K 5/22; off line 6/22 - present; cum 445K 3/24;
  • ****18384, 394, MRO, Glenn Eckelberg 24-8H, Bailey, t5/10; cum 497K 3/22; off line 3/22 - present; cum 654K 3/24; jump in production;
  • 18382, AB/267, MRO, Lazy De 34-7H, Bailey, t6/10; cum 426K 12/21; off line 12/21- present; cum 426K 12/21;
  • 17797, 499, MRO, Lazy De 24-7H, Bailey, t8/09; cum 484K 6/22; cum 505K 3/24;
  • 18141, 458, MRO, Lazy He 21-17H, Bailey, t10/09; cum 409K 3/22; off line 3/22 - present; cum 428K 3/24;

These twenty-two wells are sited in section 18-146-93; some run north, some run south:

  • 16715, PA/463, MRO, Kevin Buehner 11-18H, Bailey, t10/07; cum 398K cum 9/21;
  • 16992, PA/149, MRO, Kevin Buehner 31-18H, Bailey, t8/08; cum 198K cum 7/21; cum 404K 3/24;
  • 33400, 3,017, MRO, Ernst 14-7TFH, Bailey, t2/18; cum 375K cum 6/22; was off line 2/22 - 5/22;
  • 33401, 3,161, MRO, Kenneth 24-7TFH, Bailey, t1/18; cum 332K cum 2/22; was off line 9/21 - 12/21; and then again, 2/22 - present; cum 371K 3/24;
  • 33402, 3,040, MRO, Bethol 34-7H, Bailey, t2/18; cum 357K cum 6222; was off line 2/22 - present; cum 400K 3/24;
  • 33403, 3,484, MRO, Strouup 34-7TFH, Bailey, t2/18; cum 414K cum 2/22; off-line, 2/22 - present; cum 452K 3/24;
  • 33534, 5,113, MRO, Bronett 14-7H, Bailey, t1/18; cum 414K cum 6/22; was off line 2/22 - 5/22; cum 457;
  • 33535, 6.204, MRO, Arkin 44-12TFH, Bailey, t1/18; cum 446K cum 6/22; was off line 10/21 - 5/22; cum 493K 3/24;
  • 38536, drl/A, MRO, Woodrow 31-18H, Bailey, 45K over 36 days; t8/22; cum 275K 3/24;
  • 38537, drl/A, MRO, Porter 31-18TFH, Bailey, 55K over 47 days; t5/22; cum 234K 3/24;
  • 38538, drl/A, MRO, Annabelle 21-18H, Bailey, 76K over 59 days; t5/22; cum 243K 3/24;
  • 38539, drl/A, MRO, Eliza 21-18TFH, Bailey, 68K over 57 days; t5/22; cum 242K 3/24;
  • 38571, drl/A, MRO, Ermina 31-13TFH, Bailey, first production, 3/22; t4/22; cum 37K 6/22; cum 164K 3/24;
  • 38572, drl/drl, MRO, Ithamar 41-13TFH, Bailey, 49K over 57 days; t4/22; cum 208K 3/24;
  • 38573, drl/A, MRO, Austin 11-18H, Bailey, 117K over 89 days; t4/22; cum 291K 3/24;
  • 38574, drl/A, MRO, Beau 11-18TFH, Bailey, 63K over 81 days; t4/22; cum 210K 3/24;
  • 38587, drl/A, MRO, Cody 11-18H, Bailey, 64K over 59 days; t5/22; cum 240K 3/24;
  • 38589, drl/A, MRO, Amos 31-18TFH, Bailey, 44K over 29 days; t6/22; cum 268K 3/24;
  • 38590, drl/A, MRO, Cheryl 41-18H, Bailey, 52K over 29 days; t6/22; cum 272K 3/24;
  • 38591, drl/A, MRO,Stone 44-7TFH, Bailey, 33K over 29 days; t6/22; cum 262K 3/24;
  • 38592, drl/A, MRO, Killion 44-7H, Bailey, t7/22; cum 260K 3/24;
  • 38593, drl/A, MRO, Weekes 14-9TFH, Bailey, t7/22; cum 247K 3/24;

Remember how folks used to say that "daughter wells" would not be as good as "parent wells." We don't hear that much in the Bakken any more. 

These ~30 wells will keep a lot of folks employed for a very long time. 

Disclaimer: in a long note like this there will be typographical and content errors. If this is important to you, go to the source.

Pending Home Sales -- April Data -- Plunge -- 2024

Locator: 47993ECON.

Analysts estimate: down 0.7%.

Actual: down 7.7%. 

Holy mackerel.

USAA Auto Insurance -- May 30, 2024

Locator: 47992INS.

I have no idea if this was an ad or a news story. It was a top story over at CNBC Online today.


 

 

CRM -- Jim Cramer -- CNBC -- First Hour -- May 30, 2024

Locator: 47991INV.

CNBC -- First Hour: Jim Cramer

GDP: lowest reading in two years (not quite). This is the only chart JPow needs to study today. Even a caveman can see a trend here:

By the way, take another look at that chart above: this is why the definition of a recession is not particularly helpful to the average investor. See if you can spot what I'm seeing.

AI PCs: biggest re-fresh cycle in a decade? Bottom line: college kids need ChatGPT and they need it free, and they need it "easy." AI PCs need:

  • same CPUs are fine;
  • new GPUs -- does Apple already have the lead in laptops? The M4 is a combo CPU-GPU
  • much more memory (maybe, maybe not) -- Apple needs to raise the bar; Apple is lagging; and,
  • much, much better user interface -- Apple usually excels in this area.

Dow: down 300 points in pre-market, due almost entirely to one Dow component, SalesForce, Inc.

I remember some years ago, I was "advised" by a millennial / GenXer to invest in SalesForce. At the time, I had done a "deep dive" into Devon. 

Not in any time period (3-month, 6-month, one-year, five-year) does CRM impress me compared to COP.

And then this, dividend:

  • COP: around 3.5%
  • CRM: around 0.6%

Disclaimer Briefly 

Reminder: I am inappropriately exuberant about the US economy and the US market, I am also inappropriately exuberant about all things Apple.

See disclaimer. This is not an investment site.

Disclaimer: this is not an investment site. Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. 

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them.  

Reminder: I am inappropriately exuberant about the US economy and the US market, I am also inappropriately exuberant about all things Apple.

GDP: Second Reading -- 1.3% Vs 1.2% Estimate -- May 30, 2024

Locator: 47990ECON.

Personal investing:

  • will add to my position in NVDA today. By rule, and by special circumstances. No recommendation. 
  • initiated position in ING. Dividend. Diversifies out of energy, tech. No recommendation. 
  • initiated position in GLW. Replaced another tech stock (SNOW) in the portfolio. Unlike SNOW which was a short-term play, GLW will likely be a long term holding. No recommendation. 
  • see disclaimers.

Talking heads still mis-using "stagflation."

  • groceries: prices coming down quickly -- at least at the three stores at which I stop (Kroger, Tom Thumb, Walmart) -- but the prices cutting is not consistent.
  • only one outlier right now: price of houses; and that's not going to change.
  • car insurance? the big jump has already occurred; the "bar" has re-set to accommodate price of EV repair; cost of repairing luxury vehicles.

This is 1Q24, smallest since 2/22:


The good news: talking heads can't agree what this means. LOL.

GDPNow, 2Q24: 3.5%

Definition of a "soft landing." Two problems:

  • I see no numbers; and,
  • I see no timeline.

The first is not a real problem -- a "negative" GDP -- no matter how small two consecutive quarters = a "hard landing." However, each month without a "negative" GDP moves the goalposts another ten yards down the field. Pretty soon, the "soft landing/hard landing" goalpost in a Ft Worth, TX, high school stadium will be in a Dallas, TX, high school stadium. 

I do believe someone has been talking about a hard landing since at least March, 2022 -- that's two years ago, and it looks like a negative GDP is not in the cards for at least one more quarter.


But this is what keeps me excited. If/when the Fed sees the risk of a "hard landing" and/or a "first reading" of a negative GDP in any quarter, the Fed has seven arrows in its quiver, each quiver representing 25 - 50 basis points. 

I still see a Goldilocks economy for investors. When it comes to the Fed, it's binary:

  • higher for longer: investors have learned to live with that; savers happy;
  • first cut: it will all be psychological; will have no "real" effect -- just one cut will have no effect -- but the market will surge, all things being equal with that first cut; in fact, that "carrot" is probably what keeps the market more green than not.

**************************
Re-Posting

My favorite chart, link here:

When you see this chart, what's the first question you should ask? If you ask the right question, you will note that it's a "binary question." It has only two possible answers. I'll leave it at that.

Whoo-hoo! A 23% Jump In Legacy Fund Deposits, May, 2024, Data

Locator: 47989LEGACYFUND.

On days like this, it's a nice reminder that Texas has no:

  • state income tax;
  • inheritance tax (tax on the beneficiary)
  • estate tax (tax on the decedent)

At least as far as I know. If this is important to you, go to the source.

*****************************
Legacy Fund: May, 2024, Deposits

Legacy Fund

Monthly deposits.

Legacy Fund data here

North Dakota budget: probably easiest to read is at Ballotpedia.

North Dakota state office of management and budget.

Deposits:

  • May, 2024: 75,868.669.61
  • April, 2024: 61,611,140.55
  • delta: 14,257,529.06
  • percent increase, m/m: a 23% increase, month/month


 

Bloomberg's Take On BP -- May 30, 2024

Locator: 47988BIGOIL.

First of all, some/many/most of these recently announced mergers / acquisitions will never close. Too much scrutiny. I hope I'm wrong. But I know I'm not.

From Bloomberg today, fascinating reading: 

ConocoPhillips’ $17 billion deal for Marathon Oil Corp. fits neatly into the trend of consolidation in US oil, but it also provides a lens to survey the shifting balance of power in the global industry.

Go back to the start of the century. The biggest Western oil company was, as it is today, Exxon, weighing in at a market value of about $200 billion. But Britain’s BP Plc, fattened by the 1998 takeover of Amoco, wasn’t far behind at more than $190 billion. Conoco, before its merger with Phillips, was worth just $11 billion.

After yesterday’s announcement, ConocoPhillips is heading for a market value of more than $150 billion, dwarfing BP’s current $103 billion capitalization.

BP’s travails — from the Macondo oil-spill catastrophe to a misfiring energy-transition strategy — are well-documented, and plenty has been written about the relative valuations of oil equities in the US and Europe. But it’s still instructive to dig a little deeper.

The big difference between the two companies is that while BP remains a fully integrated wellhead-to-gas-station oil major, ConocoPhillips got rid of refineries more than a decade ago.

For the past five years, the US firm has carefully honed its portfolio to break even at less than $40 a barrel, leaving ample headroom for buybacks and dividends.

BP and the combined Conoco-Marathon pump about the same amount of oil and gas. So investors are giving little or no credit for BP’s giant refining and marketing business, which sells fuel to millions of motorists daily, as well as a world-class trading operation.

One striking statistic: BP employs almost 90,000 people, Conoco and Marathon just 12,000.

What to make of the comparison? First, it’s a vivid illustration of the US premium — it’s little wonder Shell Plc boss Wael Sawan and TotalEnergies SE’s Patrick Pouyanne have floated the idea of a New York listing.

Second, it shows how far BP’s star has waned in the past quarter of a century. After shaping the modern oil industry from the US to Russia, the producer is now a laggard.

Once considered a supermajor, the company has been outstripped by a super-independent.

COP: lousy returns lately; five-year, almost 100% return, without accounting for dividends. 

Lousy returns lately but perhaps the one stock in my portfolio that lets me sleep comfortably at night. My cost basis must be trending toward zero and the company just announced a 34% increase in its quarterly "base" dividend. However, the 78-cent base quarterly dividend is equal to the last COP "total" dividend (58-cent base + 20-cent variable) so there's a bit of smoke-and-mirrors there if COP doesn't include a nice variable dividend.

Don't forget, over the years:

  • WTI has trended from $60 --> $80; while,
  • breakeven in the Permian, Bakken has trended from $60 --> $30.

But this is interesting / concerning? Was there a huge cut in the 2Q24 dividend? Sort of missed by everyone? 

Bottom line, 2023 dividends:

70+51+60+51+60+60+58 = $4.10 / $115 = 3.6% in line with its indicated yield in the ticker graphic above.

Top Story Of The Day: Amazon Prime Customers Now Get GrubHub For Free -- May 30, 2024

Locator: 47987AMZN.

Link here.

GrubHub generally costs $9.99 / month; now "free" add-on with Amazon Prime. Minimum order: $12.


This is what Target and Walmart face competing with Amazon for on-line retail.

Wow, This Week Felt Short -- One More Day Until Geoff Simon's Top Stories -- May 30, 2024

Locator: 47986B.

Smoke and mirrors:

Shell: to cut staff from its offshore wind business. Link here.

India: power demand hits an all-time high; heat wave. Link here.

The Permian: getting gassier. Nice article alongside the RBN Energy blog this morning. 

Getting desperate: Schumer -- yes, that Schumer -- calling for investigations over suggestions of collusion in the oil sector.

**************************
Back to the Bakken

WTI: $79.08. Down overnight, but just went "green" --> $79.30. Whoo-hoo!

Friday, May 31, 2024: 43 for the month; 107 for the quarter, 306 for the year
None.

Thursday, May 30, 2024: 43 for the month; 107 for the quarter, 306 for the year
39655, conf, Hess, GO-Bergstrom-156-98-2734H-3,

RBN Energy: how Energy Transfer's WTG Midstream buy will add to its Permian heft. Just as we are starting to see more articles on the Permian getting gassier.

Energy Transfer is yet again slaking its acquisition appetite by gobbling up another natural gas gatherer and processor to further expand its already formidable Permian footprint. The company announced May 28 that it has struck a $3.25 billion cash-and-stock deal to buy WTG Midstream, a West Texas-based and private equity-backed operator whose Permian assets will boost the acquiring company’s access to gas and NGL volumes as the U.S. midstream sector shows continued consolidation. In today’s RBN blog, we’ll look at how the addition of WTG’s midstream holdings will enhance Energy Transfer’s asset lineup, including its ongoing NGL export and storage expansions. 

This is a pretty cool graphic.

Remember this graphic from October 16, 2015?